Convert Primary Residence to Rental or Leave Alone (Pros and Cons)

[Brandon Malone]

I recently had a contract accepted on a hoempath property that I will move into. My current property is on a 15yr term loan with a rate of 3.875. I was in the middle of shopping to refinance the property to a 30yr for a lower rate, but after my homepath contract was accepted, I have a few questions hoping I can get assistance on:

1. Should I change to refinance my current property as an investment property? 2. Is it better to convert my current resident to investment property or continue with the refinance as my primary property since with the homepath property purchase we have not even had inspections done and could possibly not go through?
2. If I don't refinance my current property, am I required to tell the lender that I will be renting out the property?